Property 1 Currently rented as a 2 family with 6 bedrooms and 2 full baths per side. Its registered as a 3 unit and have 3 separate meters in the event you choose to bring 403 side back as 2 apartments.
Property 2 is currently rented to a single group of 6 with 2 full kitchens, 2 full bathrooms & 2 family rooms. Its registered as a 2 unit as it is a true two unit that can be a single by simply unlocking the door to the internal staircase.
Both properties have coin operated washer & dryers for each unit.
Value Add:
-Property 1 adding an additional bedroom on 1st floor of both units, that would create 14 bedrooms with 4 full bathrooms.
-Property 2 adding an additional bedroom on 3rd floor. That would create 7 bedrooms with 2 full baths & 2 full kitchens.
Both properties taking 18 beds and creating 21 beds.
*Vale add would generate an additional $19,8000 to the NOI assuming the additional beds get rented at the current rents.
Recent Improvements:
Property 1 replaced roof in 2021. Was a complete tear off replaced with new plywood and 30 year shingles.
Property 1 we just replaced the sewer lines bc it was blocking up on the old terracotta pipes underground.
Property 2 we replaced roof within the last 5 years. Was a complete tear off replaced new plywood and 30 year shingles.
I was planning on listing these properties at an 8% CAP rate but as promised I would give you the 1st opportunity to take a look at them.
Gross Rental Income:
Property 1
$575 x 12 = $6,900 (12months) = $82,800
Property 2
$500 x 6 = $3,000 (12 months) = $36,000
Total Income = $118,800
Expenses:
Property 1
Water $1,630.08
Sewer $1,262.55
401-403 North Webster Total Utilities = $2,892.63
Property 2 Total Utilities = $0
Maintenance & Repairs 401-403/1121 = $2,972.14
Property 2 RE Taxes $5,479.85
1121 Mulberry RE Taxes $4,979.87
Total Expenses = $16,324.50
NOI $102,475.50
